I. Technical Field
The present disclosure generally relates to peer-to-peer (“P2P”) payment systems and methods. In particular, the present disclosure relates to systems and methods for carrying out quick response (“OR”) code-enabled P2P payment transactions.
II. Background Information
In-person money transfers typically require the use of cash or checks. However, if two parties desire to conduct a transaction, it can be difficult to complete the transaction if the parties do not have cash on hand. The use of checks eliminates the necessity of having cash on hand, but checks are often time-consuming, inconvenient, and lack security measures. Other alternative options, such as money transfers using existing electronic banking systems (e.g., via electronic wire transfer) are often more useful for transfers of large sums of money. For transfers of smaller sums of money, existing electronic banking systems are often costly and inconvenient. Therefore, there is a need for improved systems and methods that overcome the problems of cost and inconvenience associated with typical payment options.